CALYPSO SOFTWARE CHOSEN BY BEAR STEARNS

San Francisco, 10 May 2005 - Calypso Technology, Inc., a leading provider of cross-asset front to back trading and trade processing software systems, today announced that Bear Stearns has chosen Calypso as its front to back system for derivatives.

The selection of Calypso's software represents a strategic decision by Bear Stearns to consolidate trading and processing for credit, interest rate and equity derivatives on to a single platform.

Peter Cherasia, chief information officer of Bear Stearns, explained: "There was a need to make changes in the business to improve efficiency. Our vision was of a derivatives operation that was streamlined from front to back and we opted to achieve this through the use of Calypso's integrated solution."

Sandeep Saksena, Head of Global Derivatives IT at Bear Stearns, commented: "Technology is vital to the success of our derivatives businesses, and Calypso gives us the modern technical infrastructure required to support continued growth. We see it as a competitive advantage in our markets."

Charles Marston, chairman and CEO of Calypso Technology, Inc., said: "We are pleased to be part of Bear's investment in its future derivatives platform. In rationalizing its technology environment, Bear is actively addressing a problem faced by many trading organizations. It is a decisive step. That they take that step with Calypso is a measure of our accomplishment as provider of solutions to the financial industry."

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